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Atricure (ATRC)

AtriCure, Inc. provides innovative technologies for the treatment of Afib and related conditions. Afib affects more than 33 million people worldwide. Electrophysiologists and cardiothoracic surgeons around the globe use AtriCure technologies for the treatment of Afib and reduction of Afib related complications. AtriCure's Isolator ® Synergy™ Ablation System is the first and only medical device to receive FDA approval for the treatment of persistent Afib. AtriCure's AtriClip ® Left Atrial Appendage Exclusion System products are the most widely sold LAA management devices worldwide.

Company profile

Ticker
ATRC
Exchange
CEO
Michael H. Carrel
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
AtriCure Europe, B.V. • AtriCure, LLC • Endoscopic Technologies, LLC • nContact Surgical LLC • SentreHEART LLC • AtriCure Spain, S.L. • AtriCure Germany GmbH • AtriCure UK Limited • AtriCure Hong Kong Limited • AtriCure (Beijing) Medicine Information Consulting Service Co., Ltd. ...
IRS number
341940305

ATRC stock data

Analyst ratings and price targets

Last 3 months

Calendar

3 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 54.56M 54.56M 54.56M 54.56M 54.56M 54.56M
Cash burn (monthly) (no burn) 1.09M 4.93M (no burn) (no burn) 1.69M
Cash used (since last report) n/a 3.31M 15M n/a n/a 5.15M
Cash remaining n/a 51.24M 39.55M n/a n/a 49.4M
Runway (months of cash) n/a 47.1 8.0 n/a n/a 29.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Sep 22 Vinayak Doraiswamy Common Stock Sell Dispose S No No 45.99 4,983 229.17K 19,406
31 Aug 22 White Robert S. Common Stock Option exercise Acquire M No No 8.48 15,000 127.2K 55,799
31 Aug 22 White Robert S. NQSO Non-qualified Stock Option (right to buy) Option exercise Acquire M No No 8.48 15,000 127.2K 20,000
6 Aug 22 Angela L Wirick Common Stock Payment of exercise Dispose F No No 50.94 5,191 264.43K 70,846
30 Jun 22 Michael H Carrel Common Stock Grant Acquire A No No 34.73 350 12.16K 534,896
30 Jun 22 Salvatore Privitera Common Stock Grant Acquire A No No 34.73 350 12.16K 60,834
13F holders Current Prev Q Change
Total holders 209 213 -1.9%
Opened positions 33 26 +26.9%
Closed positions 37 28 +32.1%
Increased positions 84 77 +9.1%
Reduced positions 61 83 -26.5%
13F shares Current Prev Q Change
Total value 1.8B 2.86B -37.2%
Total shares 47.24M 46.88M +0.8%
Total puts 0 0
Total calls 5.2K 3.5K +48.6%
Total put/call ratio
Largest owners Shares Value Change
Vanguard 4.29M $175.2M +0.7%
Alliancebernstein 4M $163.54M +5.0%
BLK Blackrock 3.62M $148.04M -0.6%
Alger Associates 3.24M $0 0.0%
IVZ Invesco 3M $122.72M +4.8%
Fred Alger Management 2.52M $102.78M -8.8%
TROW T. Rowe Price 1.8M $73.52M -4.5%
Champlain Investment Partners 1.62M $66.15M +26.9%
First Light Asset Management 1.48M $60.46M +8.4%
MCQEF Macquarie 1.36M $55.43M +17.3%
Largest transactions Shares Bought/sold Change
Millennium Management 249.74K -501.11K -66.7%
Champlain Investment Partners 1.62M +343.16K +26.9%
Fred Alger Management 2.52M -243.86K -8.8%
Pura Vida Investments 106.62K -230K -68.3%
Granite Investment Partners 221.71K +221.71K NEW
MCQEF Macquarie 1.36M +199.79K +17.3%
Balyasny Asset Management 0 -196.95K EXIT
Alliancebernstein 4M +189.94K +5.0%
TimesSquare Capital Management 902.58K +170.27K +23.3%
Citadel Advisors 59.5K -151.75K -71.8%

Financial report summary

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Competition
MedtronicMedtronic
Risks
  • If our products do not achieve widespread market acceptance in the United States, our operating results will be harmed, and we may not achieve or sustain profitability.
  • Competition from existing and new products and procedures may decrease our market share and may cause our revenue to decline, and could adversely affect our operating results.
  • Any clinical data that is generated regarding our products may not be positive, and our current and planned clinical trials may not satisfy the requirements of the FDA or other regulatory authorities.
  • Our success depends, in part, on the commercial success of the EPi-Sense device for the treatment of Afib following FDA pre-market approval of this product.
  • Our success is dependent on our ability to train surgeons in the safe and effective use of our products. Restrictions on our ability to train surgeons, or unwillingness of surgeons to participate in such training, could reduce the market acceptance of our products.
  • We rely on independent distributors to market and sell our products in certain markets outside of the United States, and a failure of our independent distributors to successfully market our products or any disruption in their ability to do so may adversely impact our sales.
  • Healthcare costs have risen significantly over the past decade. There have been and may continue to be proposals by legislators, regulators and third-party payors to keep, contain or reduce healthcare costs.
  • Adverse changes in payors’ policies toward coverage and reimbursement for surgical procedures would harm our ability to promote and sell our products.
  • If coverage and adequate levels of reimbursement from governmental and third-party payors outside of the United States are not obtained and maintained, sales of our products outside of the United States may decrease, and we may fail to achieve or maintain significant sales outside of the United States.
  • We may experience unfavorable publicity relating to our business and our industry. This publicity could have a negative impact on our ability to attract and retain customers, our sales, clinical studies involving our products, our reputation and our stock price.
  • We rely upon single and limited source third-party suppliers and third-party logistics providers, making us vulnerable to supply problems and price fluctuations which could harm our business.
  • Our manufacturing operations are conducted at a single location, and any disruption at our manufacturing facility could increase our expenses and decrease our revenue.
  • We may enter into significant acquisitions in the future. Acquisitions have inherent uncertainties and involve risks and difficulties in integrating that may adversely affect our business, results of operations and financial condition.
  • We depend on our officers and other skilled and experienced personnel to operate our business effectively. If we are not able to retain our current employees or recruit, hire, train and integrate additional qualified personnel, our business will suffer and our future revenue and profitability will be impaired.
  • Disruptions of critical information systems or material breaches in the security of our systems could harm our business, customer relations and financial condition.
  • Our insurance may not cover our indemnification obligations and other liabilities associated with our operations.
  • We spend considerable time and money complying with federal, state and foreign regulations in addition to FDA regulations, and, if we do not fully comply with such regulations, we could face substantial penalties.
  • If we fail to comply with the extensive FDA regulations relating to our business, we may be subject to fines, injunctions and penalties, and our ability to commercially distribute and promote our products may be hurt.
  • Unless and until we obtain additional FDA approval for our products, we will not be able to promote most of them to prevent stroke, and our ability to maintain and grow our business could be harmed. We may be subject to fines, penalties, injunctions and other sanctions if we are deemed to be promoting the use of our products for unapproved, or off-label, uses.
  • Modifications to our products may require new clearances or approvals or may require us to cease promoting or to recall the modified products until such clearances or approvals are obtained and FDA may not agree with our conclusions regarding whether new clearances or approvals were required.
  • If we or our third-party vendors fail to comply with extensive FDA regulations relating to the manufacturing of our products or any component part, we may be subject to fines, injunctions and penalties, and our ability to commercially distribute and sell our products may be hurt.
  • We are currently defending against a lawsuit brought under the False Claims Act, and any adverse finding, judgement, or enforcement action could materially and adversely affect our business, financial condition or results of operations.
  • The use of products we sell may result in injuries or other adverse events that lead to product liability suits, which could be costly to our business or our customers’ businesses.
  • Our intellectual property rights may not provide meaningful commercial protection for our products, which could enable third parties to use our technology or methods, or very similar technology or methods, and could reduce our ability to compete.
  • The medical device industry is characterized by extensive litigation and administrative proceedings over patent and other intellectual property rights and any litigation or claim against us may cause us to incur substantial costs, could place a significant strain on our financial resources, divert the attention of management from our business and harm our reputation.
  • We sell our products outside of the United States, and we are subject to various regulatory and other risks relating to international operations, which could harm our revenue and profitability.
  • Due to the global nature of our business, we may be exposed to liabilities under the Foreign Corrupt Practices Act and various other anti-corruption laws, and any allegation or determination that we violated these laws could have a material adverse effect on our business.
  • Compliance with developing European Union medical device regulations may limit our ability to maintain sales of our products in European markets or to introduce new products into European markets.
  • Our quarterly financial results are likely to fluctuate significantly because our sales prospects are uncertain.
  • We have a history of net losses, and we may never become profitable.
  • Our federal tax net operating loss (NOL) and general business credit carryforwards generated or acquired may expire or will be limited because we experienced an ownership change of more than 50 percent, which could result in greater future income tax expense and adversely impact future cash flows.
  • Governmental authorities may question our intercompany transfer pricing policies or change their laws in a manner that could increase our effective tax rate or otherwise harm our business.
  • If our goodwill becomes impaired, it could materially reduce the value of our assets and reduce our net income or increase our net loss for the year in which the impairment occurs.
  • An inability to forecast future revenue or estimate life cycles of products may result in inventory-related charges that would negatively affect our gross margins and results of operations.
  • We are subject to credit risk from our accounts receivable related to our sales, which include sales to countries outside the United States that may experience economic turmoil.
  • We may be unable to comply with the covenants of our Loan Agreement.
  • We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which could cause a decline in our stock price.
  • Securities analysts may not continue, or additional securities analysts may not initiate, coverage for our common stock or may issue negative reports. This may have a negative impact on the market price of our common stock.
  • The price and trading volume of our common stock may experience extreme fluctuations and our stockholders could lose some or all of their investment.
  • The sale of material amounts of common stock could encourage short sales by third parties and depress the price of our common stock. As a result, our stockholders may lose all or part of their investment.
  • Sales of common stock by us in a capital raising transaction or our issuances of shares in an acquisition may dilute stockholder ownership of common stock and cause a decline in the market price of our common stock.
  • Anti-takeover provisions in our amended and restated certificate of incorporation and amended and restated bylaws and under Delaware law could inhibit a change in control or a change in management that stockholders consider favorable.
  • We do not expect to pay dividends in the foreseeable future. As a result, stockholders must rely on stock appreciation for any return on investment.
Management Discussion
  • Worldwide revenue increased 18.4% (19.8% on a constant currency basis). In the United States, we experienced growth in most of our key product lines. Physician acceptance of our cryoSPHERE® probe for post-operative pain management and expanded sales efforts drove growth in pain management revenue. Appendage management sales were driven by continuing adoption of our AtriClip® Flex⋅V® and Pro⋅V® devices, while the launch of the new ENCOMPASS clamp accelerated growth in our open ablation revenue. While minimally invasive procedures continue to experience residual impacts from the pandemic and staffing, we saw growing adoption of the EPi-Sense® System in an increasing customer base. The increase in EPi-Sense revenue was largely offset by a decline in revenue from all other minimally invasive ablation products. International sales increased 17.3% (26.3% on a constant currency basis), a result of rebounding procedure volumes in Europe, primarily in the Netherlands and United Kingdom, and growth in Australia. The increase in international revenue was driven mainly by our appendage management business which grew 35.1%.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
New words: Advanced, Australia, Australian, chain, demo, electrical, EU, inflation, inflationary, MDR, million, rebounding, residual, slightly, supply
Removed: COBRA, computer, construction, depreciation, disaggregated, Finally, Fusion, government, investment, presentation, recently, reclassified, separate, team, valve